Select Portfolio Services
Anticipated Escrow... On top of $10,000 prepay penalty

If there is a lawsuit against Select Portfolio Services, please contact me.

I had never once been late on a payment, had great credit, and was ready to refinance out of there loan. They wanted to charge me a $10,000 pre-payment penalty so I couldn't do it.

But that is not the worst part. Three months before my time was up that I could refinace with no penalties they began charging me $400 dollars more each month for what they called "anticipated escrow". They already raised my payments by over $200 a month when they took over my loan. Now I was up to more than $600 than what I signed up for. My assessment on my house never changed, my taxes never changed. There was no reason for this. So when I refused to pay it, I told them I would pay my own taxes and would only pay Principal and Interest (I was refinancing in 3mths) they told me fine. A month later they charged me late fees. I had my credit checked and it dropped over a 100 pts because they reported it. I could not refinance. They began charging me more money because the adjustable rate kicked in. They took the house in 3 months. Someone needs to sue them!

Company: Select Portfolio Services
Country: USA
State: Utah
City: Salt Lake City
Phone: 6172565502

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